NSCB - 2nd Quarter 2008 National Accounts

Second Quarter 2008
Gross National Product &
Gross Domestic Product by Industrial Origin

Industry keeps the economy vibrant

Industry, which accounted for 34.2 percent of GDP, recorded 4.8 percent growth from 10.3 percent last year, and contributed 1.6 percentage points to total GDP growth. Biggest contributors to the growth were Manufacturing and Construction.

Mining & Quarrying slumps

From a high 38.9 percent growth last year, Mining and Quarrying dived to negative 18.5 percent as a result of the weak performances of Other Non Metallic Mining, which plummeted to negative 28.6 percent from 65.0 percent boom the previous year; Nickel Mining, which dropped to negative 31.5 percent from 178.3 percent; Crude Oil. Natural Gas and Condensate, which suffered a reversal with negative 11.8 percent from 23.7 percent growth; Other Metallic Minerals, which slumped to negative 86.6 percent from 286.7 percent; and Chromium Mining which sank further to negative 55.7 percent from negative 13.8 percent.

The downslide in Mining and Quarrying, on the other hand, was cushioned by the following: Gold Mining, which grew by 6.9 percent from negative 11.2 percent; Stone Quarrying, Clay & Sandpits, which grew modestly at 1.6 percent from 11.4 percent; and, Copper mining, with a paltry growth of 0.9 percent from 28.4 percent.

Manufacturing on the uptrend

Manufacturing continued its upward trend, growing heftily at 6.1 percent compared to 3.4 percent the previous year.

Food Manufactures, the leading contributor to manufacturing growth, grew faster with a double-digit growth of 12.7 percent compared to its previous year’s 3.9 percent. This was followed by Footwear and Wearing Apparel, which also posted a double-digit growth of 18.7 percent from 5.0 percent; Beverage Industries, grew by 17.6 percent growth from 14.5 percent; Chemical and Chemical Products expanded by 9.4 percent from 2.8 percent; and, Metal Products, sustained its growth with 12.1 percent from 18.9 percent.

On the other hand, the following pulled down the sector’s growth during the period: Petroleum Products declining further by negative 4.6 from negative 0.1 percent; Electrical Machinery, also declined further to negative 6.7 from negative 3.5 percent; Textile, down to negative 9.9 percent from a growth of 1.3 percent; Furniture and Fixtures, dwindled to negative 6.5 percent from 11.5 percent; and, Wood and Cork Products, plummeted to 12.9 percent from a growth of 22.6 percent registered the previous year.

Construction sustained by Private builders

Construction continued to expand but at a lower growth of 8.3 percent from a high 37.0 percent last year on account of the expansion in Private Construction by 25.0 percent. The growth was spurred by the private sectors’ investments in housing. On the other hand, Public Construction dived to negative 6.4 from a robust 59.4 percent increase in 2007.

EGW remains strong

Electricity, Gas and Water continued to improve its growth from 5.4 percent last year to 7.9 percent this year. The overall performance of EGW was largely attributed to Electricity, which accounted for 93.7 percent of EGW. Electricity grew by 8.1 percent from 5.2 percent due to the improved energy efficiency and stronger consumption of both commercial and industrial segments. Water, on the other hand, slowed down its growth to 3.7 percent from 9.2 percent the other year.

GROSS VALUE ADDED in INDUSTRY
2nd Quarter 2007 and 2nd Quarter 2008

At Constant 1985 Prices

INDUSTRY/INDUSTRY GROUP	2nd Qtr 2007	2nd Qtr 2008	Growth Rate (%)
INDUSTRY SECTOR	115,907	121,487	4.8
a. Mining & Quarrying	8,571	6,989	-18.5
b. Manufacturing	76,116	80,733	6.1
c. Construction	19,882	21,537	8.3
d. Elect,Gas and Water	11,338	12,228	7.9

At Current Prices

INDUSTRY/INDUSTRY GROUP	2nd Qtr 2007	2nd Qtr 2008	Growth Rate (%)
INDUSTRY SECTOR	525,461	590,207	12.3
a. Mining & Quarrying	39,920	32,925	-17.5
b. Manufacturing	324,966	376,937	16.0
c. Construction	94,995	110,805	16.6
d. Elect,Gas and Water	65,580	69,539	6.0

GROSS VALUE ADDED in INDUSTRY
Annual 2007 and 2006
AT CURRENT AND CONSTANT 1985 PRICES, IN MILLION PESOS

INDUSTRY/ INDUSTRY GROUP	AT CURRENT PRICES			AT CONSTANT PRICES
INDUSTRY/ INDUSTRY GROUP	2006	2007	Growth Rate (%)	2006	2007	Growth Rate (%)
INDUSTRY SECTOR	1,913,031	2,107,287	10.2	415,985	445,486	7.1
a. Mining & Quarrying	75,557	108,173	43.2	18,813	23,678	25.9
b. Manufacturing	1,381,171	1,463,752	6.0	306,837	317,197	3.4
c. Construction	240,240	304,592	26.8	50,267	61,866	23.1
d. Elect,Gas and Water	216,062	230,771	6.8	40,068	42,745	6.7

Source: National Statistical Coordination Board (NSCB)

Posted 28 August 2008.